Renault, de Meo towards confirmation and a salary adjustment
Indiscretions in the French press. The CEO of Lausanne is close to completing his mandate. Shareholders' meeting on 16 May
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In a few months, Luca de Meo will complete his four-year term at the helm of Renault and, writes the French business daily Les Echos, "after pulling the French group out of the abyss, the Italian manager should, barring any major surprises, be confirmed" by the shareholders' meeting scheduled for 16 May. A renewal that - according to sources quoted by Les Echos - should be accompanied by a significant increase in his salary'.
De Meo, who was born in 1967, received a total remuneration of EUR 3.2 million for 2022, including a gross annual salary of EUR 1.3 million and a variable portion reaching almost EUR 1.9 million (150% of the basic salary). The figure could rise to 4.5 million if a performance bonus is added, which should be triggered in 2025 if certain targets are met. But according to a source close to the dossier, the package that will govern de Meo's second mandate should be accompanied by a 'substantial' increase in cash salary, which in recent years has been lower than what the manager received at the top of Seat, Volkswagen Group.
Renault has not commented on the rumours, but de Meo should have no problems as he can count on the support of the state (which has a 15% share in the group), also in the light of the results achieved and which, according to rumours, have led John Elkann, chairman of Stellantis (there has also been talk of a possible alliance being studied between the two groups), to attempt talks with de Meo to verify a possible succession to Carlos Tavares. Which, moreover - with 2022 emoluments of EUR 15 million - has certainly paved the way for de Meo's salary to be adjusted.
De Meo, born in Milan, a Bocconi graduate, has a long experience in the automotive sector that started at Renault in 1992. After a move to Toyota Europe, he joined Fiat in 2002 as head of the Lancia business unit. Sergio Marchionne then appointed him CEO of Fiat Automobiles. Group Marketing Director from 2007 to 2009, he led the Fiat 500 project and relaunched the Abarth brand.
In 2009, he joined the Volkswagen Group where he remained 11 years, always holding top positions, from head of marketing for the Volkswagen brand and then Audi, until taking the reins at Seat in 2015. In 2018, he launched the Cupra brand. In July 2020 he returned to Lausanne as ceo. De Meo has taken the Renault Group from a record deep red of 8 billion in 2020 to a doubled profitability and dividend as early as 2022, thanks to his Renaulution plan, a radical renewal based on software, services and, of course, electrification of the range as well as the birth of a new industrial area in the north of France, ElectriCity, to control the entire production chain.
